Friday, May 31, 2013

Fed says Wisconsin's economic performance one of nation's worst!

The Federal Reserve Bank of Philadelphia has released its six-month economic forecast for the nation's 50 states.

Wisconsin is one of only five state's (Alaska, Louisiana, North Dakota, Wisconsin, and Wyoming) whose coincident indexes are projected to decrease. Forty-five states, including Illinois and Minnesota, both of which raised tax rates on high income earners recently, are projected to grow.

The numbers don't lie. Not only has the Philly Fed, not Bernacke's by the way, projected Wisconsin to have the 49th worse economic performance among all states for the next 6 months, but Wisconsin ranks 44th in job creation, 45th in wages. These are the facts regarding Wisconsin's actual performance under Walker's leadership. The Forbes ranking is not based on performance. Its ranking of competitiveness is based on whether a state has adopted policies that Forbes promotes like low high-income and corporate taxes and reduced regulation, rather than actual economic performance. I'll take the analysis of independent economists over states' comparative economic performance over the staff of a partisan magazine.

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